MIRA INFORM REPORT
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Report Date : |
17th May 2006 |
IDENTIFICATION DETAILS
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Name : |
NEGOC 8 PTY LTD |
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Registered Office : |
Suite 3B, Level 1, 236 Liverpool Road, ASHFIELD, NSW 2131 |
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Date of Incorporation : |
9
January 2004 |
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Legal Form : |
Australian
Proprietary Company, Limited By Shares. |
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Line of Business : |
Importer
and distributor of men’s casual garments and home furnishing items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REGISTERED NAME: |
NEGOC 8 PTY LTD |
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AUSTRALIAN COMPANY
NUMBER: |
107 579 368 |
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AUSTRALIAN BUSINESS
NUMBER: |
43 107 579 368 |
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OPERATING ADDRESS: |
Suite 3B, Level 1, 236 Liverpool Road, ASHFIELD, NSW 2131 |
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REGISTERED ADDRESS: |
Suite 3B, Level 1, 236 Liverpool Road, ASHFIELD, NSW 2131 |
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OTHER TRADING NAMES: |
Nil |
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TELEPHONE NUMBER: |
(02) 9797 0299 |
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FAX NUMBER: |
(02) 9797 0892 |
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WEB SITE ADDRESS: |
www.negoc8.com.au – Under construction |
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DATE OF
INCORPORATION: |
9 January 2004 – Incorporated in New South Wales. |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$1,000 in $1 shares. |
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DIRECTOR: |
PAREEKSHIT SINGH 183 Frederic Street, ASHFIELD, NSW 2131 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
PAREEKSHIT SINGH |
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AUDITORS: |
Not shown |
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REGISTERED CHARGES: |
Nil |
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PAYMENTS: |
Pay in accordance with terms. |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
3 |
PARENT COMPANY
NIL
SUBSIDIARY COMPANIES
NIL
ASSOCIATE COMPANIES
NIL
ACTIVITIES
The subject is an importer and distributor of men’s casual garments and
home furnishing items.
The company imports from India.
Sales are to retail outlets etc on normal trading terms.
Operations are conducted from leased premises situated at the heading
address.
The company has a branch in Queensland.
The subject employs 3 in activities.
The director is active in company operations.
HISTORY
The subject was incorporated in New South Wales on 9 January 2004 as Negoc 8 Pty Ltd, being an Australian Proprietary Company, Limited By Shares.
Australian Company Number: 107 579 368.
Paid capital $1,000 in 1,000 shares paid to $1 each.
Shares are held by:
JACK SILBER 500
PAREEKSHIT SINGH 500
The above information is in accordance with the last Company Statement Annual lodged with the Australian Securities and Investments Commission and compiled at report date.
Operations of the company were commenced 2 years ago.
The subject does not maintain any operating subsidiary or associate concerns.
DIRECTOR
PAREEKSHIT SINGH was born on 4 December 1977 and was appointed to the board of directors on 9 January 2004. He is fully active in the day to day operations of the company. He is the Company Secretary, having been appointed to this position on 9 January 2004.
BANK
WESTPAC BANKING CORPORATION
258 LIVERPOOL ROAD,
ASHFIELD, NSW 2131
TEL: (02) 9716 8888
ACCOUNT NO. 032 060 204 802
The subject does not maintain bank overdraft facilities.
The bank does not hold a Registered Charge over company assets.
TRADING
Following are details of a trade survey undertaken in May 2006:
- The subject’s custom agents have advised the account has been held since November 2005. Payment is being met within the terms of the account. The account does not have a credit limit. There are no problems with the account.
As the subject is an importer, the company is not a major seeker of local commercial credit.
FINANCE
Due to amendments to the Corporations Law by the First Corporate Law Simplification Act 1995, subject is not required to lodge financial statements with the Australian Securities & Investment Commission.
disclose the following inquiries in relation to finance applications:
Nothing has been recorded to date in 2006.
On 6 October 2005 to American Express New Accounts NSW for Credit Card.
Nothing further has been recorded.
REGISTERED CHARGES
There are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with Mr Pareekshit Singh, Director and Company Secretary, in May 2006. At this time he confirmed operational and trading details and advised the following:
Annual sales of the company vary between $4,000,000-$6,000,000.
Current stock on hand is valued at approximately $1,000,000.
Trade debtors are valued at $100,000 and trade creditors at $60,000.
The subject does not maintain bank overdraft facilities.
Premises at the heading address are leased.
However, further financial information could not be provided.
Enquiries made with trade sources failed to trace any additional information in relation to the subject.
A Land Titles Search has not been undertaken to ascertain what land, if any, stands in the subject’s name. This can be undertaken on request.
CONCLUSION
The subject was incorporated in New South Wales on 9 January 2004 as Negoc 8 Pty Ltd, being an Australian Proprietary Company, Limited By Shares.
Paid capital $1,000 in 1,000 shares paid to $1 each.
The subject is an importer and distributor of men’s casual garments and
home furnishing items.
The subject’s customs agents have reported commitments being met within the terms of the account and there are no problems.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |